Marketing: The 4 P's

• The 4 P's of marketing include Product, Price, Place, and Promotion.
• Marketing research is a tool for companies to make informed decisions about the 4 P's.

Product

• Research helps to understand customer desires.
• Surveys and taste tests are examples of product research.
• The goal is to create products that appeal to consumers.

Price

• Research assists in determining the optimal price point.
• Comparing prices of similar products helps gauge customer willingness to pay.
• Testing different prices identifies the most profitable option.
• This avoids pricing too high, which deters sales, or too low, which reduces potential revenue.

Place

• Research aids in deciding where to sell products.
• Studying foot traffic helps determine store locations, and analyzing online shopping habits identifies e-commerce platforms.
• The aim is to place the product in front of the target audience.

Promotion

• Research guides advertising strategies.
• A/B testing ad copy and focus groups help understand customer reactions to marketing.
• This ensures an effective marketing message.

Marketing Research Process

• D-S-E-C is an acronym to remember the phases: Determine, Select, Execute, Communicate.
• Marketing research is divided into four phases, each with specific steps.

Phase I: Determine the Research Problem

• "I-D-S" (Information, Define, Specify) is an acronym to remember the topics
• Identify and Clarify Information Needs: Determine what information is needed.
• Define Research Questions: Turn information needs into specific questions that need answering.
• Specify Research Objectives and Confirm Information Value: Establish clear aims and ensure data worthiness before gathering.

Phase II: Select the Research Design

• "D-S-E-D" (Design, Sample, Examine, Design) is an acronym to remember the topics
• Determine the Research Design and Data Sources: Choose the appropriate method for gathering information.
• Develop the Sampling Design and Sample Size: Decide who to study and the number of participants.
• Examine Measurement Issues and Scales: Ensure tools accurately measure the needed metrics.
• Design and Pretest the Questionnaire: Create and test questions for effectiveness.

Phase III: Execute the Research Design

• "C-A-I" (Collect, Analyze, Interpret) is an acronym to remember the topics
• Collect and Prepare Data: Gather data and prepare it for analysis.
• Analyze Data: Identify patterns and insights within the data.
• Interpret Data to Create Knowledge: Transform findings into actionable information.

Phase IV: Communicate Research Results

• "P-M-I-E" (Prepare, Make, Implement, Evaluate) is an acronym to remember the topics
• Prepare and Present Final Report: Clearly summarize the research findings.
• Make Recommendations: Suggest actions based on the research.
• Implement Recommendations: Put the suggested actions into practice.
• Evaluate Results: Assess if the actions achieved the desired outcome.

Hypothesis

• Information research process: Systematic approach to collecting, analyzing, interpreting, and transforming data into information for decision-making.
• Integrated analysis: Specifies the data collection target, whether individuals, households, organizations, departments, geographical areas, or combinations thereof.
• Coding and data-entry errors in primary data are most likely to be caught while collecting and preparing data.
• Questions are reworded during the question evaluation and pretesting phase of the questionnaire design process.

Types of Scales

• Hypothetical Variable: A variable composed of related component responses or behaviors.
• Comparative Rating Scale: Requires judgment by comparing one object, person, or concept against another.
• Nominal Property: Categorizes objects into mutually exclusive groups (e.g., yes/no).
• Ordinal Property: Indicates ranking or order (e.g., frequent vs. occasional customer).
• Unidimensional Scale: Focuses on collecting data about a single attribute.
• Constant Sum Scale: Asks respondents to allocate a fixed number of points among attributes.
• Noncomparative Rating Scale: Involves judgment without reference to another object or concept.
• Ratio Property: Allows for meaningful ratios (e.g., comparing the number of children in families).
• Interval Scale: Measures the extent of agreement or disagreement with statements.
• Multidimensional Scale: Simultaneously collects data on multiple attributes.
• Purchase Intention: Measures the likelihood of future purchase behavior.

Questionnaire Design

• Questionnaire: A formal set of questions and scales designed to gather raw data.
• Unstructured Questions: Open-ended questions allowing respondents to answer in their own words.
• Sensitive Questions: Inquiries about topics like income or personal behavior, which may elicit inaccurate responses.
• Screening Questions: Used to identify and include qualified respondents while excluding unqualified ones.
• Loaded Questions: Questions phrased to lead respondents to a particular answer (e.g., "Do you agree our product is the best?").
• Dichotomous Questions: Questions offering only two response options (e.g., yes/no).
• Order Bias: The order of questions or response options influencing the answers.
• Double-Barreled Questions: Combination of of two questions in one.
• Closed-Ended Questions: Require respondents to choose from a predetermined set of responses.
• Leading Questions: Questions that prompt respondents toward a specific answer (e.g., "How likely are you to recommend our product?").
• Open-Ended Questions: Allow respondents to provide detailed, free-form answers (e.g., "Name five brands owned by Procter and Gamble").
• Conditional Questions: Questions that are only answered if participants meet certain conditions.